First Independent Mena Newspaper
Egypt’s external debt reached a record $168.1 billion in 2023, a 2.9% rise from the previous year and the highest level since 2012, according to the World Bank’s International Debt Report (IDR) released on December 3. However, the Central Bank of Egypt (CBE) reported a 5% quarterly decline, with external debt falling to $152.88 billion […]
Egypt’s House of Representatives approved on Monday, December 2, a Memorandum of understanding (MOU) with the European Union, securing a €1 billion financial support mechanism aimed at stabilizing the Egyptian economy and bolstering the national budget, according to the Ministry of Planning, Economic Development, and International Cooperation. This funding is part of a broader €7.4 […]
Laila Soueif, mother of Egyptian-British blogger Alaa Abdel Fattah, who has been detained in Egypt for more than five years, is continuing her hunger strike. Laila Soueif, 68, who has not eaten for 59 days, has urged British Foreign Minister David Lammy to take action to secure her son’s release. The blogger was arrested in […]
Egyptian authorities announced on Monday, November 25, that 28 individuals were rescued after a tourist boat capsized off the Red Sea coast, with search efforts underway to locate 17 others still missing. The vessel, identified as Sea Story, was carrying 31 tourists from various countries and 14 crew members when it sent out distress signals, […]
Egypt’s Arab African International Bank (AAIB) issued Africa’s largest private green bond worth $500 million to fund its sustainable development operations. Three renowned development financial institutions: the IFC, the EBRD, and British International Investment (BII) teamed up in this issuance, subscribing to the entire bond. The bond is also reflective of a strong commitment to […]
Egyptian MP Essam Diab has urged Prime Minister Mostafa Madbouly and Communications Minister Amr Talaat to ban TikTok, accusing the platform of undermining societal and family values. Diab described in a Facebook statement, the app as a source of “debauchery and obscenity” threatening Egyptian identity and ethics. Diab, who submitted a formal briefing request, argued […]
Egypt’s annual core inflation rate stood at 24.4% in October 2024, showing a slight decrease from 25% in September 2024, according to data released by the Central Bank of Egypt (CBE). This figure, which excludes volatile items like food and energy, indicates a modest easing of inflationary pressures. The monthly core Consumer Price Index (CPI) […]
A recent report by Business Africa has identified the top 10 African nations with the most improved infrastructures in 2023, highlighting five Arab countries: Egypt, Morocco, Algeria, Tunisia, and Libya. The report underscores the strategic partnerships being formed among African Governments, private sector investors, and international financial organizations to address the continent’s infrastructure financing gap. […]
The ongoing Gaza conflict has severely affected Egypt’s economy, leading to a sharp 70 percent drop in Suez Canal revenues Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said. In an interview with Youm7, Georgieva acknowledged Egypt’s commitment to advancing crucial economic reforms despite the challenges posed by regional instability. Georgieva announced plans […]
The World Bank has revised Tunisia’s 2024 economic growth forecast downward to 1.2%, compared to the 2.4% projected in April 2024. In its October 16, 2024 report, “Growth in the Middle East and North Africa,” the Bank expects Tunisia’s growth to stabilize at 2.2% in 2025. The report cites weak growth across the MENA region, […]